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2/5/2013 1:37AM

Why No One Will Win the Currency War

With Japan, China and the U.S. all pursuing weak-currency policies, other major economies are retaliating. The WSJ's Deborah Kan speaks to James Rickards of Tangent Capital Partners about whether the drive to devalue will set off a trade crisis.

This transcript has been automatically generated and may not be 100% accurate.

I ... the the ... any causing currencies like the yen and dollar to weaken against other major currencies around the world ... joining me now is James Baker Hughes and the author of currency war as the making of the next global crisis ... James get to see you ... okay so get ... to the extreme monetary measures the government of taking around the world is a currency crisis inevitable ... we're returns were started during two thousand ... the start of the states ... that euro dollar are open for ... trading partners who soon ... these ... first and Brazil Switzerland ... refers to more recently age and others to join him so ... this is getting in on a percentage of entities in ... England ... these are a package ... of easy ... actually ... as obese ... this will lead to ... inflation are expected ... this year ... due to the ... game ... Hunter says that this is ... been done three times in the past years ... in nineteen fourteen and nineteen thirty nine ... again ... showed why it's sometimes to where all ... other months ... the caveat that a eighty eight that were seen Japanese export as a benefit for me it weaker yen ... and a chorus and South Korean export its ... hand at a disadvantage because of the stitching line so ... are we in jeopardy and that perhaps currency war is leading to a trade crisis ... the possibility that interest me saying are you choose you're currencies were worth ... it ... the reason ... this is ... true we can return ... within one to ... core inflation ... said to be honest it's ... worse ... than a Qantas baggage ... or ... is he ... she there's going to be she ... she ... cut rates ... engaged in cages policy ... cancer molesters or is she can't remember ... his arrest orders ... there are the major employers Japan imports energy that can trade them so that ... we import more than we export ... to the region ... is urging calm seas ... is not our exports over here ... the reasons the trial for inflation ... ore prices and a ... pizza supply ... the cayenne sale weekend and there are any cranking out there today that will hold their value ... sure there is a ... key ... to restore the budget and on ... these are or how she was going to try to do during the parade ... Thursday ... the ECB ECB is usual that day ... reasons ... for caution when purchasing the euro ... then I hit it stronger and stronger next ... to in store over time ... she can see that's that's nonsense ... when ... the ... horses with ... technology innovation education low corporate taxes ... which is exactly ... in the city ... Germany ... to the rest of Europe so ... he's heater and installing a ... sister ... with the Singapore dollar to go to any and all are ... the country's this ... we can do much ... to do it again ... with my exports is ... a ... really good ... in one of us ... in on a ... bus tour around ... our recess from because the root of the show ... he said ... the ... chain are going to be stupid racist wrong turn Caesar Directorate ... a K with a family can keep the chicken around the world what your view I called today ... you can hire ... minus seven thousand dollars house ... yesterday in a range of two thousand and ten ... I started ... you don't want to ... what's going on with it ... China is the scramble to buy or go ... overall it into your money ... when the international services in class ... earlier ... it is being launched ... a trading ... hours together ... they have ... in the ... US that that Sistani and the stock for the record of ... moments ... that you know ... it's not a cute one too ... says the years ... when that happens ... it'll ... be a ... goal of GGP rate now ... estates is a ... China officially a month ... oh ... actually probably as close to three thousand tonnes ... AC and ... four ... its goal ... of education in several US EIA ... and vehicle barriers and he ... would actually ... be combined seventy members of the European ... system ... the euro zone ... together ... coaches more than us ... so ... soon ... started ... to China has acquired ... one of the eighties that she ... my only duty ... is over together ... I am Kayak economic times and the fact that an ... ID that extreme monetary measures the government are taking today what is the biggest worry you have for the coming year ... for ... the year ... huge and still ... received expectations because is the first year ... for the new regime has lived in the midst of the co dependent Chinese U K and everyone to ... worse to go ... into the coverage of the ... incentive ... structure so ... John Kennedy reasonable total ... is it too much ... the major profit for ... two thousand and thirteen ... at ... issue ... lending ... the U S flu ... for two dollars and twenty ... one that is astonishingly losing your shirt instead it ... sooner than later is a ... very ... it's a bit of money ... you know it ... I can just couldn't read ... the ... description should increase ... Fortune five three ... the club so says that this isn't the only sure no longer run ... I do ... is go to Italy ... Goldman ... for the ... gold standard ... or some ... money to be a ... discussion on monetary policy among gold's reference price ... in recognition ... of ... food inflation ... okay thanks and that James ... and joining us from kinetic a ... activity in that ... for more